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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
BoE hikes interest rates again, warns of recession
The BoE, in its latest policy meeting, raised its interest rate by 25 basis points to 1.00%, registering its highest level in 13 years, in a bid to tackle soaring inflation. Further, the central bank expects the country’s inflation to rise to roughly 10% this year as a result of the RussiaUkraine war and lockdowns in China. Also, the BoE expects a recession next year due to higher inflation and rising interest rates. The central bank also slashed its GDP forecast for 2023 to show a contraction of 0.25% from a previous estimate of 1.25% growth.
UK services PMI declined less than expected in April
In the UK, the S&P Global/CIPS services PMI dropped to 58.90 in April, compared to a level of 62.60 in the prior month. Markets were expecting the PMI to drop to 58.30.
German factory orders fell more than expected in March
In Germany, factory orders dropped 4.70% on a MoM basis in March, compared to revised decline of 0.80% in the previous month. Markets were expecting factory orders to drop by 1.10%.
US initial jobless claims advanced more than market forecast in the week ended 29 April 2022
In the US, the number of initial jobless claims advanced to a level of 200.00 K in the week ended 29 April 2022, compared to a revised level of 181.00 K in the previous week. Markets were expecting initial claims to rise to a level of 182.00 K.
Australia’s performance of services index climbed in April
In Australia, the AiG performance of services index rose to 57.80 in April, compared to a reading of 56.20 in the prior month
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